Wall Street today: S&P 500, Dow Jones, Nasdaq slip after economic data, Alphabet falls 1%

Wall Street key indices opened lower on Thursday as new economic data and comments from a Federal Reserve official dampened optimism surrounding the possibility of further rate cuts.

As of 12:18 PM Eastern Time, the S&P 500 slipped 0.4%, the Dow Jones Industrial Average was down 0.2%, and the Nasdaq Composite was 0.3% lower.

As of 9:35 AM Eastern Time, the S&P 500 sank 0.7%, the Dow Jones Industrial Average was down 0.2%, and the Nasdaq Composite was 1% lower.

At the open, the Dow Jones Industrial Average fell 23.8 points, or 0.05%, to 46,097.43. The S&P 500 fell 29.8 points, or 0.45%, to 6,608.19​, while the Nasdaq Composite dropped 179.1 points, or 0.80%, to 22,318.766.

Official data released on Thursday showed US economic growth in the second quarter came in at 3.8%, up from the 3.3% previously estimated.

The upward revision of the second-quarter GDP growth is a significant development, showing stronger-than-previously-thought economic activity.

Markets now await Personal Consumption Expenditures (PCE) price index – the Federal Reserve-preferred inflation guage -- to be released on Friday.

In the bond market, the yield on the 10-year Treasury rose to 4.17% from 4.16% late on Wednesday. The 2-year Treasury yield climbed more sharply.

Gainers and Losers

Starbucks stock fell 0.4% as it announced it would cut about 900 jobs and shutdown some underperforming stores as part of a cost-cutting drive.

Citigroup shares declined 1.3% after announcing the sale of 25% of its Banamex Mexican subsidiary to Mexican tycoon Fernando Chico Pardo for $2.3 billion.

Among megacap stocks, Nvidia rose 0.27%, Broadcom lost 1.59% and Alphabet sank 1.03%.

CarMax shares tumbled 19.1% after the seller of used vehicles reported a weaker quarterly profit.

Bullion

Gold prices pared gains on Thursday after US weekly jobless claims declined.

As of 09:33 AM ET (1333 GMT), spot gold was up 0.1% at $3,741.88 per ounce. US gold futures for December delivery rose 0.1% to $3,771.60.

Among other metals, spot silver rose 1.6% to $44.58 per ounce, platinum gained 1.8% to $1,499.45 and palladium rose 2.5% to $1,240.21.